Mortgage Brokering Technical Advisory Committee
Meeting Summary
Date: Monday, September 27, 2021
Time: 2:00 p.m. to 5:00 p.m.
Location: Videoconference
This summary sets out the key points discussed at the September 27, 2021 meeting.
FSRAForward Overview and Discussion
The Committee was presented with an overview of FSRA’s initiative to transform to an efficient and effective principles-based and outcomes-focused regulator. FSRA also discussed potential process improvements that are intended to benefit the mortgage brokering sector.
Innovation Office Update
FSRA shared an update on its innovation framework, discretionary powers work and stakeholder consultations. This initiative is critical to facilitate responsible innovation across FSRA’s regulated sectors. The Committee discussed potential work and support on innovation that FSRA could provide in the mortgage sector.
Market Trends, Emerging Issues and Regulatory Updates
The Committee and FSRA shared observations about recent trends and emerging issues in the mortgage industry.
2021 Mortgage Brokerage and Mortgage Administrator Annual Information Returns - Key Changes
FSRA shared proposed key changes and adjustments to the 2021 Mortgage Brokerage and Mortgage Administrator Annual Information Returns (“AIR”) and sought the committee’s feedback.
Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA) Review Updates
The Committee was updated on the MBLAA Review recommendations relating to establishing new classes of licensing and commercial mortgage transactions exemption. Stakeholder feedback received to date on these recommendations was also shared with the committee.
Mortgage Agent Competencies Survey Results
FSRA shared a summary of the feedback received from the committee on the mortgage agent competencies and learning outcomes identified by the Mortgage Broker Regulators Council of Canada.
Next meeting
The next meeting of the committee will be scheduled for Winter 2021.
Attendance record
Invited/ Attended |
Company Name |
Attendance Status |
|---|---|---|
|
Akber Abbas |
8Twelve Mortgage Corp. |
VC |
|
Sadiq Boodoo |
Approved Financial |
VC |
|
Ron Butler |
Butler Mortgage |
VC |
|
Ryan Francis |
Parama Credit Union |
VC |
|
Carla Gervais |
The Mortgage Advisors (Verico) |
VC |
|
Elizabeth Gnoinski |
Boss Mortgages – The |
VC |
|
Neil Gross |
Component Strategies |
VC |
|
Victoria Joly |
Distinctive Real Estate |
VC |
|
Alex Leduc |
Mortgauge |
VC |
|
Anthony Pistillo |
Riverrock MIC |
VC |
|
Murray Snedden |
MarshallZehr Group Inc. |
VC |
|
Marie Taylor |
FCT |
VC |
|
Gina Stephens |
Ministry of Finance |
VC |
FSRA members present:
Allan Amos, Nadiatou Fagbemi, Jennie Hodgson, Wendy Horrobin, Antoinette Leung, Huston Loke and team members from FSRA’s Market Conduct team; Rocca D’Angela, Joel Gorlick, Thera Medcof and Abina Rogers from Policy team, Jessica Rose and Alena Thouin from Legal and Enforcement team were present at the meeting. Marlena Labieniec, James Tennant and Daniel Zhan from Innovation Office; John Slowakiewicz and Allison Wendt from Digital Transformation team, as well as Fern Karsh from Consumer Office were also present.
Available in French upon request